Paperwork for New Investors - Atlanta area

2 Replies

I hear time and time again you need to get a house under contract or that the house is under contract with a buyer in place.  My main questions are:

1.  What paperwork is required to lock down a property? Only a purchase contract? Should I have a different contract for owner financing over traditional financing?  Is there a different contract for a subject to? (Buy and Hold/Buy and Flip strategy)

2. What paperwork is required to acquire a wholesale contract? Also what are the most important parts? making sure it is assignable? time frame for the wholesale?

3. What paperwork is required to sell/assign a wholesale contract?

I have seen these topic brought up in a forums in the past, however they really don't answer these questions.

Thank you in advance,

-Mark

To purchase a property you need a contract to purchase. That language of that contract will vary with the deal. Then you use an assignment contract to sell you original contract

  1. 1) Contract for purchase and sale of 123 Main st between you and the seller
  2. 2) Contract to "assign" (or essentially sell) your first contract. This assignment contract is between you and the end buyer.

When you assign a contract you are not selling a house - you are selling a contract to buy an house.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.